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ACC spend $90 million of our levies on The Warehouse property That's a lot of money gone from Rehab & Job Retraining

#1 User is offline   hukildaspida 

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Posted 28 August 2012 - 10:15 PM

Accident Compensation Corporation http://www.acc.co.nz has paid $90 million for The Warehouse's distibution centre.

http://www.thewarehouse.co.nz/

That's a considerable amount of money that should be going in to providing proper Vocational & Social Rehabilition for injured people.

Why is this money not going to those whom need it at this time in accordance with the spirit and obligations of the ACC Act?

It's a well known fact the Warehouse pay only a basic wage to there staff.

It's also a well known fact the Warehouse is known for flammable & unsafe product recalls that could've & have resulted in injuries to people, including children...

Who has allowed this property deal to take place?

Nice tidy sum of the Public's monies that the Real Estate Agents will receive for commission along with that of the Lawyers involved..

What's in it for those whom have accidents causing injuries who need assistance?

Anything????





http://www.propbd.co...2&SID=427308752

4 Warehouse sales worth $117 million, $90 million for Wiri centre

Published 28 August 2012
The Warehouse Group Ltd said yesterday it expects to realise $117 million from the sale of 4 properties, generating a pretax gain of $62-64 million which would be ploughed back into the business.

Biggest of the group is its 21.7ha North Island distribution centre at Wiri, sold to the Accident Compensation Corp for $90 million and leased back to The Warehouse for 20 years, with rights of renewal. The new lease starts at $6.2 million plus gst/year, which puts the transaction on a 6.9% yield.

The centre distributes general merchandise to 57 stores and also sends consumables & apparel to The Warehouse’s whole network of 89 stores.

The sales of the distribution centre
and the stores at Palmerston North & Queenstown are unconditional and a third store, at Snells Beach, is under a conditional contract. All will be leased back to The Warehouse for 10-year terms with rights of renewal.

Colliers International agents Peter Herdson, Charles Cooper & Greg Goldfinch handled the Wiri sale and Colliers also handled the other 2 unconditional sales, both to local investors.

Want to comment? Go to the forum.

Attribution: Company & agency releases, story written by Bob Dey for the Bob Dey Property Report.

The Warehouse Distribution Centre, Setting the Standard
http://www.logistics...ng-the-standard
by Nigel Lewis on 2010-06-29

The Warehouse North Island DCI count myself fortunate to have had couple of tours through The Warehouse’s North Island Distribution Centre in Manukau. It is an impressive facility which takes into consideration a smart mix of Technology, Automation, Material Handling and Man Power. Bringing all this together is the responsibility of Steve Aston, NIDC Manager – Operations.

My most recent tour was with Steve, because it was my second tour I was armed with lots of questions, an hour and a half later our tour had finished and I didn’t even get the chance to open my note book. I was so engrossed in our conversation that by just listening to him he answered most of the questions I wanted to ask.

This is a very multicultural working environment with most ethnicities represented. With this come challenges especially around language and cultural diversity. Steve was quick to tell me that they have an effective transition or induction process for new staff and temps, the evidence to support this is minimal staff turn over and a culture that fosters involvement and improvement. Succession planning is also a key component in the development of staff, promoting from within is a strategy that Steve feels very strongly about. The investment of time and resource into people is manifested through internal promotions.

Operating in this fast paced high pressured working environment doesn’t come without its challenges. Steve is the first person to put his hand up and say that they are on a journey, and like all journeys there are challenges, and like all challenges there are opportunities. Opportunities provide the vehicle for people to grow and learn and demonstrate forward thinking which is a key quality that Steve promotes, especially within his management team.

So let’s get onto the Distribution Centre, The Warehouse is 700,000 Sq ft with permanent staff numbers tipping 120, these numbers warrant a full time Recruitment Agency to take up residence on site to support peak operational period demands. The Organizational Structure is typical of most large DC’s with a National Distribution Manager (responsibility for 4 DCs – 3 in Auckland. 1 in Rolleston), an Operation Manager, Department Managers and Supervisors. The DCs are also supported by a centralized non-operational team (Health and Safety, Planning, Security and Facilities). The site Management Team meets twice daily to discuss operational issues and the achievement of team objectives / daily KPIs.

The flow of the Warehouse is very logical, and like most warehouses, they have a large Inward Goods area where they unload trucks and store containers for devaning, with 2 straddles on site they devan around 30 containers per day off peak, up to 60 containers per day during peak. The majority of locally produced goods are cross docked which means the goods come straight in and are dispatched on the same day. These goods are put straight on the conveyor for automated sorting and dispatch.

Pallets are stored 8 – 10 high with picks faces on the bottom level, the pickers utilize Reach Trucks and Stock Pickers, most of the material handling equipment is fitted with monitors for location, product, quantity and a computerized display of the order and like all tasks in the warehouse everything is measured. Pickers can pick up to 1100 products a day.

Let’s get on to the automated Sorting Area. What can I say… it’s very impressive and loud. Once the pickers have picked an order, a team loads the product onto the conveyor at ground level. Smaller cartons are put in Plastic Trays; which allows the products to move through at express pace as well as minimize congestion. All the Conveyers merge to an elevated mezzanine level where a scanner reads the labels and assigns that carton to an off shoot. Each off shoot represents around 5 store locations, the products are then palletized, labeled and stretch wrapped then put in the designated holding bay for loading.

The Merge (Automated Sorting System) scans around 20,000 cartons per day off peak, 40,000 carton per day during peak, these are only the items that can fit onto the conveyor, and the heavier over sized items are handled separately.

With 86 stores nationwide, the outwards area can get very congested; up to 1,100 pallets get dispatched per day which equates to around 40 truck loads. Approximately 20 pallets per hour are loaded onto waiting trucks, so to handle sheer volume, the Warehouse have two shifts that run between the hours of 7.30am to 1am the next day.

Year on year The Warehouse Distribution Centres increases efficiencies and productivity, they do this not only because its good business practice but because their customers demand it. The strength of The Warehouse Distribution Centres is in its core purpose – it’s one team approach, keeping the customer top of mind, ensuring that what they do has a positive effect on the community and environment and that the management team’s philosophy is a non compromising approach to quality, safety, staff development and a willingness to constantly improve.

Steve kept telling me that they were on a journey, a journey of sacrifice, reward, opportunity, excitement and belonging, so the next time you are at a Warehouse Store keep in mind that Steve and his team has something to do with getting the product on that shelf at that time.

Nigel Lewis
CEO - Global Logistics Media Group



http://www.conslab.c...tribution-cent/
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#2 User is offline   hukildaspida 

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Posted 28 August 2012 - 10:21 PM

The lead up to the property process.

http://www.nzherald....jectid=10814993

Giant Red Shed centre up for grabs
By Colin Taylor

5:30 AM Saturday Jun 23, 2012

The Warehouse's North Island distribution centre property covers 21.7ha in Wiri, South Auckland. Photo / Supplied

The Warehouse is putting its distribution site at Wiri and three stores on the market for sale and leaseback.

The Warehouse has placed on the market for sale and leaseback its enormous, high-tech 21.7ha North Island distribution centre at Wiri, South Auckland, as well as retail stores in Snells Beach, Palmerston North and Queenstown.

Peter Herdson of Colliers International, who with colleagues Charles Cooper and Greg Goldfinch is marketing the Wiri property for sale by deadline private treaty, closing on July 26, says the distribution centre and retail outlets generate a total of about $8.5 million in net annual rental income.

"The properties offer investors a strong tenant covenant with one of New Zealand's largest publicly listed retailers," Herdson says.

Fiona Shilton, general manager property at The Warehouse, says the sale will allow the company to continue its strategy of reinvesting in its core retail business, while retaining the distribution centre and three retail stores on long-term leases.

The Wiri distribution centre is on two titles at 13 Bolderwood Place and 92 Langley Rd and returns $6.2 million in net annual rental income.

The Warehouse will take a new 20-year lease to the property on settlement, with the right to renew the initial term for three further terms of 10 years each. Potential income growth is also on offer through annual CPI-linked rent reviews, with market reviews at year 10 and on lease renewals.

The cavernous distribution centre is critical to the operation of The Warehouse's 89 stores, Shilton says.

"The facility is integral to our ability to grow revenue and satisfy our customers for many years into the future," she says.

Herdson says the property offers an ideal long-term, income-generating investment.

"The sale of the distribution centre offers a substantial and secure return which is future-proofed through the inclusion of rent reviews every year and a long lease to a stable, national-name tenant."

Two freehold titles - a main title of 19.3ha and a secondary title of 2.4ha - make up the property. Five hectares of development land are included within the larger title, providing further flexibility for the property's owners in the future.

Dual street access is provided along the property's substantial road frontage and the main trunk railway line runs directly alongside the northeastern boundary of both titles.

The main warehouse comprises 48,000sq m of floor area plus 11,500sq m of mezzanine area, with a stud height of 8.7m at the knee rising to 15.8m at the apex. The apparel warehouse has a floor area of 18,000sq m with a stud height of 10.4m at the knee rising to 12.3m at the apex. Both warehouses have extensive canopies for loading and unloading along with 34,000sq m of yard, used for container storage.

Offices and staff amenity areas including a training room and cafeteria are attached to both warehouses.

The main warehouse was built in 1996, with an extension in 1999. The apparel warehouse was built in 2004.

Together, the two buildings make up The Warehouse's largest distribution centre, which is the backbone of the company's nationwide operations, Shilton says.

"The centre distributes general merchandise to 57 stores and also deploys consumables and apparel to our 89 stores around New Zealand."

More than 200 permanent staff ensure the efficient handling of goods, with staff numbers doubling at peak times. The main distribution centre houses more than 2km of conveyor belt for handling goods, while more than 20 million garments pass through the apparel centre each year.

Goldfinch says the property is a very impressive facility and the buildings are in very good condition.

"Being of relatively recent construction they are very functional and would suit a wide variety of industrial uses should vacancies arise in the future.

"The operations within the distribution centre bring together technology, automation and manpower for efficient handling of goods on a large scale," he says.

Trucks and containers are unloaded in a large inward goods area, where about 30 containers a day are unloaded during off-peak times - rising to 60 per day at busy times. Most locally produced goods are dispatched on the same day they arrive, having been put straight on the conveyor for automated sorting and dispatch.

Pallets of goods are stored and monitored by computer, and goods are loaded on to the conveyor to be dispatched out to stores.

All conveyors merge at mezzanine level, where a scanner reads the labels and assigns each package to a store location.

Packages are then palletised, labelled and sent to designated holding bays for loading on to trucks. Up to 1100 pallets are sent out every day, equating to about 40 truck loads.

The property is strategically located within minutes of two motorways and is 10km from Auckland International Airport and 2.5km from the Wiri Inland Port.

"With continued growth and the proposed State Highway 20 Waterview extension providing an alternative link through to the North Shore and West Auckland, Wiri is an ideal location for many medium-to-large-scale businesses which require direct access to transport infrastructure," Goldfinch says.

"This is demonstrated by some of New Zealand's best-known brands basing their operations there, including Croxley, K-Mart, Bridgestone, Frucor, Progressive Enterprises, Downer EDI and Foodstuffs."

The limited supply of land in South Auckland should ensure that the value of high-quality, well-located industrial facilities is protected into the future, Goldfinch says.

"Land in Wiri also offers cost benefits over the more traditional industrial areas in South Auckland, where land prices are at a premium."

The scale of the underlying land parcel occupied by The Warehouse distribution centre underpins its value, with the site being larger than some of Auckland's most popular dedicated industrial business parks.

Further industrial development for Wiri is now underway, with Winstone having recently been granted consent for a private plan change to redevelop the former Wiri Quarry into an industrial park.

The property is zoned business 5, allowing for a wide range of activities including industry, motor vehicle sales and service and offices.

Like the Wiri distribution centre, the three retail stores in Snells Beach, Palmerston North and Queenstown are also offered for sale and will all be leased back to The Warehouse for a 10-year term with five further rights of renewal of three years each.

The 4776sq m Snells Beach Warehouse store sits on a 1.01ha site at 270 Mahurangi East Rd and is being offered for sale through Herdson and John Green.

Net annual rental income is $546,000 with regular rent reviews built in. The building has been recently modernised, including an exterior repaint and upgrades to the shop front windows, lobby and garden centre.

The Warehouse Palmerston North is a 9704sq m store on a 2.0ha site in the town centre, offered to the market via Green and Adrian van Dyk.

The property, which includes a garden centre, is at 174 Church St, and generates net annual rental income of $1,248,000, also with regular rent reviews. It has also recently undergone renovation, including an upgrade to the front store elevation, external painting and carpark and landscape maintenance.

The 3579sq m Queenstown store is for sale through Green and Mark Simpson. It is on an 8700sq m site at 12 Hawthorne Drive in the Remarkables Park shopping precinct, in the popular Frankton commercial area next to Queenstown International Airport.

The modern property generates $465,270 in net annual rental income, reviewed on a regular basis.

Cooper says The Warehouse makes an "ideal commercial tenant" for investors.

"It is well-established, large and has plans for further growth.

With 89 stores throughout New Zealand, the company remains a largely New Zealand-owned and operated listed entity, employing nearly 8000 team members from Kaitaia to Invercargill.

The Warehouse Group had adjusted net profit after tax and excluding unusual items of $76 million, on sales of $1.67 billion for the 52 weeks to July 31 last year.
By Colin Taylor | Email Colin
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#3 User is offline   hukildaspida 

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Posted 28 August 2012 - 10:23 PM

Warehouse gets pre-tax gain of up to $64m from sale, leaseback

http://www.nbr.co.nz...rties-bd-126914

Monday August 27, 2012 | comments


BUSINESSDESK: Warehouse Group, the biggest retailer on the NZX 50 Index, will get a pre-tax gain of up to $64 million from the sale and lease back of properties including its North Island Distribution Centre in Wiri, Auckland.

Settlement of the fo realising total proceeds of $117 million. The retailer has unconditional contracts to sell the Wiri siteur properties is expected to be completed in September, and two stores and a conditional contract to sell a third store, it says.

The sale proceeds will be reinvested in the business in line with the priorities identified in the company's strategic plan. The plan was fist flagged in early June.

At the company's annual shareholders' meeting last year, Warehouse said it would sell between $75 million and $100 million of "non-strategic assets" over the next five years.

Warehouse shares fell 1.4% to $2.85 and have fallen 3.7% this year
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#4 User is offline   imanaccmoledeepundercover 

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Posted 29 August 2012 - 09:21 AM

.
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#5 User is offline   imanaccmoledeepundercover 

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Posted 29 August 2012 - 09:22 AM

.
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#6 User is offline   not their victim 

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Posted 29 August 2012 - 11:05 AM

I agree with Investing, pity the businessman who managed the portfolio's really well died recently...may he RIP

it is about sustainability.!



but NOT AT EXPENSE OF RIPPING OFF CLAIMANTS AND REFUSING TO HONOUR PAYMENTS THAT HAVE ALREADY BEEN AWARDED IN COURT....

IM QUITE CAPABLE OF MANAGING MY OWN MONEY THANK YOU....
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#7 User is offline   hukildaspida 

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Posted 29 August 2012 - 03:55 PM

accounting may we suggest you read why, the now, Sir Owen Woodhouse set up http://www.acc.co.nz up in the way he did.

ACC's main purpose is not that of been a Property Investor.

It is there to provide assistance to those who have accidents causing injuries, to provide Vocational & Social Rehabilitation and loss of Earnings Related Compensation.

Have you forgotten where our
http://www.acc.co.nz public funds wrongly and unlawfully went in the Malcolm Mason & Greg Hutt corrupt property deals?

ACC calls in Serious Fraud Office
http://accforum.org/...s-fraud-office/

Is there an issue with asking questions & ensuring the investment of our monies are used for the purpose they are intended for?

View Postaccounting, on 29 August 2012 - 09:21 AM, said:

Do you understand what you are reading ACC has purchased the building only and is making a return on its investment by leasing the building out.

Or do you think they should pick and choose who they lease the property to there by the probobolity of making a lose by decreasing the pool of portential leaseors. Not a great business exapmle of you extpect them to do that.

You are aware that ACC is required to be self sustaining.
So it invests funds just like other agencies to cover the life time possibilty of a pay out. Or should they just put it in the bank and only collect a measly 5.4% pa intrest.

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#8 User is offline   doppelganger 

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Posted 29 August 2012 - 07:08 PM

Accounting the legislation is clear and if the money was collected to supply entitlements then it must supply the enttlements first.

Quote

275 Investments
(1) Subject to any policy direction under section 103 of the Crown Entities Act 2004, the Corporation must invest, in the same manner as if it were a trustee, all money received by it in respect of any Account that is not immediately required for expenditure.

(2) Any returns on investments must be apportioned across the Accounts in a way that reasonably represents the contribution to the investment of each Account.

(3) The Minister must consult with the Minister of Finance before making a policy direction under section 103 of the Crown Entities Act 2004 relating to investment.

(4) Section 100 of the Crown Entities Act 2004 does not apply to an investment made under this section.

Compare: 1998 No 114 s 344

Section 275(1): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 275(3): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 275(4): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

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#9 User is offline   Campy 

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Posted 18 March 2013 - 01:50 PM

Infratil? Z energy?

View Postnot their victim, on 29 August 2012 - 11:05 AM, said:

I agree with Investing, pity the businessman who managed the portfolio's really well died recently...may he RIP

it is about sustainability.!



but NOT AT EXPENSE OF RIPPING OFF CLAIMANTS AND REFUSING TO HONOUR PAYMENTS THAT HAVE ALREADY BEEN AWARDED IN COURT....

IM QUITE CAPABLE OF MANAGING MY OWN MONEY THANK YOU....

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